According to the latest labour force figures, Newfoundland and Labrador
led all Canadian provinces in employment growth in 2010, which attests to
the province’s strong economic and fiscal foundation, the Honourable Tom
Marshall, Minister of Finance and President of Treasury Board and the
Honourable Darin King, Minister of Human Resources, Labour and Employment,
said today.

“Employment was up by nearly 8,000 in Newfoundland and Labrador during
2010 as compared to the year before, and reached an all-time high,” said
Minister Marshall. “This speaks volumes about the employment and economic
growth we are experiencing, as well as the measures that our government has
taken to further stimulate the economy.”

Employment during 2010 averaged 222,800, up 3.7 per cent compared to
2009, with most of the gains coming in full-time employment. The overall
rate of employment growth in Newfoundland and Labrador last year was more
than double the national growth rate of 1.6 per cent, and represents the
strongest performance among provinces.

Also in 2010, Newfoundland and Labrador’s annual average labour force
increased 2.2 per cent to 259,900. The participation rate rose by almost one
per cent to stand at 60.2 per cent, which is the highest annual
participation rate on record for the province. The unemployment rate
declined by 1.2 percentage points to 14.3 per cent.

These results are from Statistics Canada’s Labour Force Survey for
December 2010, which also showed that seasonally adjusted employment in
Newfoundland and Labrador grew by approximately 9,900 last month compared
with December 2009.

“The employment gains our province experienced last year were more than
enough to recover the downturn in employment that resulted in 2009 from the
global recession,” said Minister King. “This is a good sign that our economy
is once again picking up steam as we pull away from the recession. The
number of people participating in the labour force has gone up, incomes are
rising, and business investment is extremely strong, all of which signals a
healthy economy and confidence that opportunities in the province’s
workforce are on the rise.”

Minister Marshall added, “Our government will continue to support and
build on these opportunities, by ensuring that our taxation is competitive
and by strategically investing in infrastructure, economic development and
other areas that generate jobs and prosperity for people throughout
Newfoundland and Labrador.”

While final numbers are not yet available, Newfoundland and Labrador’s
economic growth in 2010 was expected to exceed all other provinces, and the
economy is expected to have another solid year in 2011. The Provincial
Government forecasts this province’s real Gross Domestic Product will expand
by another 5.4 per cent. Employment is forecast to rise by 2.2 per cent and
the unemployment rate is anticipated to fall to 13.9 per cent. Personal
income is expected to rise by 5.8 per cent and retail sales are forecast to
rise 4.9 per cent. Investment is forecast to rise significantly again,
increasing by 25 per cent.

The ministers pointed to strategic investments and policies by the
Provincial Government that have contributed to growth, including $48.5
million in additional tax reductions and another $1 billion for
infrastructure under Budget 2010: The Right Investments – For Our Children
and Our Future.

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Media contacts:

Mark King
Director of Communications
Department of Finance
709-729-6830, 699-3454markking@gov.nl.ca